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Use the following to answer questions 34-36 The year-end adjusted trial balance of the Corporation included the following account balances: Retained earnings $500,000 Service
Use the following to answer questions 34-36 The year-end adjusted trial balance of the Corporation included the following account balances: Retained earnings $500,000 Service revenue 700,000 Salaries expense 350,000 Rent expense 25,000 Interest expense Dividends 5,000 150,000 Prepare the closing entries. 34. $ 35. $ In preparing the closing entries for the temporary accounts, how much should Retained earnings be credited? In preparing the closing entries for the temporary accounts, how much should Retained earnings be debited? 36. $ After closing the accounts, what is the ending balance in Retained Earnings?
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